A limited partnership can be a very useful vehicle for some clients. A general partnership is just an agreement between two parties, whereas a limited partnership sets forth an arrangement between a limited partner and a general partner. A limited partner may often have a financial interest in a venture, and a general partner is responsible for the day to day management and operations of the business. Often, clients come to me asking if they should be an S Corp or an LLC and are surprised to find that I recommend to create a limited partnership. This is a really useful vehicle, especially if you have a situation where one partner is providing the financing and another party is providing the operational experience and know-how.